BREAKING:Reps pass bill seeking to raise 2024 budget by N6.2trn
The House of representatives has passed a bill seeking to increase the 2024 budget by N6.2 trillion. The bill passed third reading during plenary on Tuesday after Abubakar Bichi, chair of the committee on appropriations, moved a motion for consideration of the report at the “committee on supply”. The bill was introduced on July 17 following President Bola Tinubu’s request. This increases the 2024 budget to N35 trillion from an initial N28.7 trillion budget Tinubu signed into law on January 1. In December, the national assembly passed the 2024 appropriation bill, increasing its size from the N27.5 trillion proposed by Tinubu to N28.7 trillion. Out of the N6.3 trillion, N3.2 trillion is for infrastructure projects and N3 trillion is proposed for recurrent expenditure. Defending the president’s request before the house of representatives committee on appropriations on Monday, Atiku Bagudu, minister of budget and economic planning, said the N3 trillion is intended to cover the new national minimum wage. Bagudu said the proposed N3.2 trillion “renewed hope infrastructural fund” is “intended to provide equity contributions or counterpart contributions of the federal government projects designated as priority projects, as well as critical projects that needed more appropriation so that they would not suffer neglect”. The minister said the N3.2 trillion proposed for infrastructure projects will cover several road and rail projects, including the one linking Port Harcourt-Maiduguri, traversing Rivers, Imo, Abia, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Kaduna, Bauchi, Gombe, Yobe, and terminating in Borno state. The house also passed the 2023 Finance Act to impose a one-time windfall tax on banks’ foreign exchange (FX) gains. A windfall tax is a higher tax imposed by the government on sectors or businesses that have benefitted disproportionately due to favourable market conditions.
Retain SSB Tax In 2024 Fiscal Policy, CSOs Tell FG
The national SSB Tax coalition, Gatefield Nigeria, National Action on Sugar Reduction, One Campaign amongst other Civil Society Organisations, have tasked the Federal Government to retain the SSB tax in the 2024 fiscal policy. According to the coalition, it will ensure the purpose of the policy is achieved as well as ensure that the government benefits from its implementation. The CSOs, who made the call at a meeting which also had in attendance representatives from the Ministry of Finance, Budget, and National Planning, Ministry of Education, National Orientation Agency and others also called for the establishment of an inter-agency Adhoc committee on SSB Tax that would harmonise the views of all stakeholders. The recommendation was made in a communique at the just concluded National conference on Sugar Sweetened Beverages (SSB) Tax orgainsed by Corporate Accountability and Public Participation Africa (CAPPA) in collaboration with the Federal Ministry of Health and Social Welfare Wednesday in Abuja, further called on relevant stakeholders, including traditional and religious institutions, educational institutions, civil society organizations, the media, and healthcare professionals to actively engage in other to curb the SSB menace. According to them, “the proceeds from the SSB tax should be earmarked to the health sector to support and strengthen public health systems in Nigeria. “Stakeholders must commit to engaging central budget agencies to improve public healthcare and influence increased allocation to the healthcare sector. “Need for the establishment of a monitoring, evaluation, and accountability framework to track the implementation and impact of the current SSB tax policy. This must be reviewed periodically. “Need for complementary regulatory instruments like Front-of-Pack Labeling, restricting availability and marketing of SSBs in school environments among others to offer consumers more information about products. “State authorities must strive to bring Nigerians into its social health insurance scheme to achieve universal healthcare coverage and the Federal Government and regulatory authorities must design and enforce penalties for companies that default on SSB tax obligations.”
Gov Otu Presents N250bn 2024 Budget For Cross River
Governor Bassey Otu of Cross River on Thursday presented a budget of N250 billion for 2024 to the state House of Assembly for approval. Presenting the budget titled: “The Peoples First Budget’’, Otu said that the figure was made up of N154billion capital expenditure and N96billion recurrent expenditure. He said that the budget was aligned with the Sustainable Development Goal (SDG) goal 11, which focused on zero hunger, goal 111 which focused on good health and wellbeing and goal 1V which focused on quality education. “The 2023 budget of quantum infinitum which my administration inherited sought to transform as well as empower citizens through wealth creation and employment generation, improvement of educational standard, access to healthcare among others. “So, we intend to consolidate on the gains made by my predecessor as well as deliver quality service to our people. “For the 2024 fiscal year, the government is expecting N133 billion from the Federal Allocation Account (FAAC) while independent revenue is estimated at N35 billion,” he said. Otu said that the budget would priotise agriculture, education, healthcare delivery, environment, infrastructure, youth and sports development, security, tourism and general administration. The governor said as a newly elected governor, he would continue from where the previous administration stopped by continuing with some of priority projects while adding some innovative ones. “The 2023 budget of quantum infinitum which my administration inherited sought to transform as well as empower citizens through wealth creation and employment generation, improvement of educational standard, access to healthcare among others. “So, we intend to consolidate on the gains made by my predecessor as well as deliver quality service to our people. “For the 2024 fiscal year, the government is expecting N133 billion from the Federal Allocation Account (FAAC) while independent revenue is estimated at N35 billion,” he said.
Delta State Government Assures On Improved Services in 2024 Budget
The Delta State Government is gearing up to deliver a more comprehensive and effective 2024 state budget that addresses the concerns of its residents. During a Zoom meeting, the Commissioner for Economic Planning, Sonny Akporokiamo Ekedayen, shed light on various aspects of the upcoming budget, which aims to enhance the lives of Deltans. Housing has been a significant concern for many residents, particularly students who have been grappling with the high cost of accommodation. The commissioner pledged to address this issue by acquiring vast land and collaborating with developers to construct affordable housing options, with a particular focus on students’ needs. Road infrastructure is another critical area in the state, with complaints about the deteriorating state of the Efurrun Abraka Agbor road, which residents consider a safety hazard. The commissioner assured the public that work is already underway to repair the road, emphasizing the government’s commitment to delivering high-quality infrastructure. Although concrete construction was preferred, cost considerations led to the decision to use asphalt. Recognizing the importance of food security, the government plans to invest in farm settlements to make food more accessible and affordable for the people of Delta State. This step is expected to have a positive impact on local agriculture and food supply. In addition to these specific areas, the 2024 budget will also encompass crucial sectors such as security and education, aiming to ensure the satisfaction of Delta’s residents. Commissioner Ekedayen urged the public to be patient and supportive as the new government settles into its responsibilities. He said the Delta State Government is determined to improve the lives of its citizens through a well-rounded and people-centric budget for the upcoming year.